Good news N.L. recreational cannabis users: there’s more product on the way.
Biome Grow, parent company to the forthcoming Barachois Brook-based Back Home Medical Cannabis Corporation, says it has sent its first shipment of finished product to Newfoundland and Labrador with delivery to retail locations expected next week.
A second shipment, which the company says will be focused towards independent retail operations, is expected later in February.
“These first shipments will assist in reducing the immediate supply shortage in the domestic cannabis market in recent months,” a release from Biome states.
“The Company is utilizing each of its assets to secure product for this market through internal and external sources and is committed to the long-term partnership that we have with the province.”
Biome and Back Home, which has West-coast businessman Dave Callahan at the helm, signed a cannabis supply agreement with the provincial government last November, the largest such agreement in Atlantic Canada and one of the top five largest agreements in the Canadian cannabis market by quantity.
Under the terms, Biome will produce 24,000 kilograms of product — 4,000 in the first year and 10,000 in each of the next two years. The company expects the agreement will result in close to $100 million in revenue per year starting in 2020.
Biome is also in the process of finalizing site selection for its five retail locations, with the first anticipated to open in western Newfoundland this spring.
Meanwhile, Construction of Back Home’s $60 million production facility measuring 168,000 square foot is already well underway and, once complete, will be the largest cannabis production facility in the province.
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